Kevin K. Hemphill, Life Coach/Strategist discusses how "baby boomers" can fight back - Don't Retire, Re-Fire!
When a bad economy has a negative impact on you and your retirement savings, you may have to tap into your nest egg to make ends meet. To secure your future, however, you’ll need to find ways to rebuild retirement savings to improve your financial outlook. Whether you’ve retired or have a way to go before you stop working, consider the following ideas to help rebuild retirement savings.
Step 1 Stop the outflow from your retirement account by cutting back on spending. Avoid extravagant purchases, make changes in your daily spending habits and reduce vacations and family gifts. Although revising your budget is a sacrifice, it’s worth it to preserve what’s left of your "nest egg" for the future and to be able to deposit a little each month to rebuild retirement savings.
Step 2 Rebuild retirement savings with any money that comes your way throughout the year rather than spending it. If you get a tax refund, for example, place it directly into your retirement account. If you’re still working and get a sizeable return, consider changing your withholding to get more money in your paycheck to use for bills and other expenses rather than getting a lump sum once a year that you spend because you consider it a windfall.
Step 3 Consider working a few more years if you’re approaching retirement age. If your pension is based on the average of your last five years’ salary, for example, working longer can increase the amount of your retirement income and increase the amount you’re adding to your "self funded" account. If you’re retired, consider working a part time job to help with monthly expenses and make your retirement account last longer.
Step 4 Consult a life coach/strategist planner to re-focus and re-test your dreams; why not the worse has happen, go have fun again - challenge the system!. Although you won’t rebuild retirement savings by overnite, you can re-build!
Step 5 Continue contributing to your 401k retirement account even if you’re facing financial difficulties. If your employer matches contributions up to a certain amount, for example, at least contribute that sum to receive the additional deposit to help rebuilt retirement savings.
Finally, start a home based business, and take the profits to build your 401k. Create new streams of income ... build your future AGAIN ! Consult your CPA in regards to taxes, you will find some great benefits - GET UP, GET OUT and go BOOM BABY!
Kevin K. Hemphill LIVE !!!
www.kevinkhemphill.com
615.653.0679
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